Kookmin Bank is reportedly working towards securing the title of first bank in South Korea to provide crypto investment offerings to retail investors. 

Specifically revealed by KB on Feb. 21, it has reportedly put together the Digital Asset Management Preparatory Committee, in a bid to decide product and strategy capabilities related to virtual assets and artificial intelligence investment funds. 

The bank reportedly shares expectations of introducing crypto exchange-traded funds (ETFs) and futures products, with the committee also running assessments on risk and compliance matters for the investment funds.

KB’s Head of Index Quant Management Honggun Kim reportedly issued the official confirmation for the plan in the official release from the bank, where he stated that “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.”

KB Financial Group – currently standing at the first spot locally in terms of net profit – had approximately $520 billion in overall assets as of September last year, per insights generated by the research platform MacroTrends.

At the moment, the plan is reportedly to introduce a crypto investment index fund and a fund able to take advantage of an Outsourced Chief Investment Officer (OCIO), also known as outsourced investment management, in an attempt to offer guarantees on principal investments.

The OCIO fund may also be used in retirement pensions.

Such OCIO that could be available for consideration reportedly include Grayscale and Fidelity Asset Management, each of which provides  crypto investment funds.

Fidelity Canada reportedly introduced a spot Bitcoin ETF in December 2021, though a product of that kind has yet to receive the approval from U.S regulators.